Sunday, Nov 30, 2008
goodbye JJB ???
Telegraph: JJB Sports lender Barclays piles on pressure
Barclays, which has lent JJB about £60m, has appointed Grant Thornton to advise the bank on JJB's future business plans.
Advisers from KPMG are working with JJB on its negotiations with lenders. JJB has already been in dispute with HBOS, another lender to the company, over its banking covenants.
In September, JJB said HBOS was wrong to say it had breached a key lending covenant.
Speculation is mounting that Barclays is now worried about the company's financial position.
Industry sources claimed recent like-for-like sales at JJB Sports had fallen significantly and some suppliers, such as Puma, have stopped worked with the company. Certain credit insurers have also refused to provide cover to the company's suppliers.
Posted by mark @ 12:53 PM (270 views) Add Comment
1 Comment
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1. Nocibomber said...
Where will the chavs go now?